I am having troubles answering to these following questions since the utility function is not a Cobb Douglas function, I am not sure about the results I need to find fo Hicksian and warlasian demand functions. For the 4th question I guess I need to find wealth compensation = wealth before- w with new price ?
Thank you so much,
you can find the exercice attached but just in case the utility function is the following:
U(x1,x2) = ln(x1) + 2 * x2
I found xi=hi where x1(p,w)= p1/(2*p2)and x2(p,w)= (w/2)-(1/2)